By Mahmoud A. El-Gamal
This booklet presents an summary of the perform of Islamic finance and the historic roots that outline its modes of operation. the focal point of the booklet is analytical and forward-looking. It exhibits that Islamic finance exists frequently as a sort of rent-seeking legal-arbitrage. In each element of finance -- from own loans to funding banking, and from industry constitution to company governance -- Islamic finance goals to copy in Islamic kinds the great capabilities of up to date monetary tools, markets, and associations. via trying to mirror the substance of latest monetary perform utilizing pre-modern agreement types, Islamic finance has arguably didn't serve the pursuits of Islamic legislation. This ebook proposes refocusing Islamic finance on substance instead of shape. This technique may entail leaving behind the paradigm of "Islamization" of each monetary perform. it can additionally entail reorienting the brand-name of Islamic finance to stress problems with group banking, micro-finance, and socially dependable funding.
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